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Assambrook Ltd.

BSE: 500025 Sector: Agri and agri inputs
NSE: N.A. ISIN Code: INE353C01011
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Assambrook Ltd. (ASSAMBROOK) - Auditors Report

Company auditors report

To the Members of ASSAMBROOK LIMITED

Report on the financial Statements

We have audited the accompanying financial statements of ASSAMBROOK LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2015 the Statement ofProfit and Loss and Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Managements Responsibility for the Financial Statements

The Company s Board of directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ( the Act ) with respect to the preparation andpresentation of these financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and making estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing under section143(10) of the Act. Those Standards require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether the financialstatements are free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the entity s preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on the effectiveness ofthe entity s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 312015;

(b) In the case of the statement of Profit and Loss of the loss for the year ended onthat date; and

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirement

1. As required by the Companies (Auditor s Report) Order 2015 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order.

2. As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of Ourknowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law except fixed assetregister has been kept by the Company so far as appear from our examination of thosebooks.

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

d. In our opinion the aforesaid Balance Sheet the Statement of Profit and Loss andCash Flow Statement comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312015 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2015 from being appointed as a director in terms of sub-section (2) ofsection 164 of the Companies Act 2013.

f. With respect to the other matters to be included in the Auditor s Report inaccordance with Rule 11 of the Companies (Audit and Auditor s) Rules2014 in our opinionand to the best of our information and according to the explanations given to us:

i. There is no pending litigation.

ii. There were no material foreseeable losses on the long term contracts includingderivative contracts and as such the Company was not required to make any provision forthe same under the applicable law or accounting standards.

iii. The Company is not required to transfer any amount to the Investor Education andProtection Fund as Dividends are not declared.

For TIWARI & COMPANY
CHARTERED ACCOUNTANTS
Firm Regn No. 309112E
Place: Kolkata
Dated: 3 December 2015 (P.Tiwari)
(Partner)
(M.N. 016590)

ANNEXURE TO INDEPENDENT AUDITORS' REPORT:

Referred to in paragraph 1 under the heading of "Report on Other Legal andRegulatory Requirement" of our report of even date

1. In respect of its Fixed assets:

a. The Company has maintained proper records showing full particulars includingquantitative details and situation of its fixed assets on the basis of availableinformation.

b. As explained to us all the fixed assets of the Company have been physicallyverified by the management in phased periodical manner which in our opinion isreasonable having regard to the size of the Company and nature of its assets. No materialdiscrepancies have been noticed on such physical verification.

2. In respect of its inventories:

a. The inventories of the Company have been physically verified during the year by themanagement. In our opinion the frequency of verification is reasonable.

b. In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the Company and the nature of its business.

c. The Company has maintained proper records of inventories. As explained to us therewas no material discrepancies noticed on physical verification of inventories as comparedto the book records.

3. The Company has not given any loan during the year to companies firms or otherparties covered in the Register maintained under Section 189 of the Companies Act 2013.Accordingly the sub clauses (a) to (b) are not applicable to the Company.

4. In our opinion and according to the information and explanations given to us thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchases of inventory and fixed assets and for the sale ofgoods. During the course of our audit we have not observed any continuing failure tocorrect major weaknesses in internal control system.

5. According to the information and explanations given to us the Company has notaccepted any deposit in terms of directions issued by the Reserve bank of India and theprovision of section 73 to 76 or any other relevant provisions of the Companies Act andthe rules framed there under.

6. The Central Government has not prescribed maintenance of cost records under Section148(1) of the Companies Act 2013 for any of the products of the Company.

7. In respect of statutory dues:

(A) According to the records of the Company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees'' State InsuranceIncome-Tax Sales Tax Wealth Tax Service Tax Customs Duty Excise Duty Value AddedTax Cess and other statutory dues have been generally regularly deposited with theappropriate authorities.

(B) According to the information and explanations given to us no undisputed amountspayable in respect of the aforesaid dues were outstanding as at March 31 2015 for aperiod of more than six months from the date of becoming payable.

(C) There is no amount required to be transferred to Investment Education andProtection Fund in accordance with the relevant provisions of the Companies Act1956 (1 of1956) and the rules framed there under.

8. The Company has accumulated losses of Rs.3064.48 lacs at the end of the financialyear. The Company has incurred cash losses of Rs. 1966 lacs during the financial yearcovered by the audit and in the immediately preceding financial year nil.

9. Based on our audit procedures and according to the information and explanationsgiven to us the Company has not defaulted in repayment of dues to financial institutionsand banks.

10. According to the information and explanations given to us the Company has notgiven any guarantees for loans taken by others from banks and financial institutions theterms thereof are prejudicial to the interest of the company.

11. As observed by us the Company has obtained term loan from financial institutionand has been applied for the purpose for which the loan was obtained.

12. Based upon the audit procedures performed and according to the information andexplanations given to us no material fraud on or by the Company has been noticed orreported during the year.

For TIWARI & COMPANY
CHARTERED ACCOUNTANTS
Firm Regn No. 309112E
Place: Kolkata
Dated: 3 December 2015 (P.Tiwari)
(Partner)
(M.N. 016590)

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